FOREX CHART ANALYSIS NOV 6 - STILL COUNTING

Nov 06, 2020
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The dollar has suffered losses against many other currencies as the controversial US presidential election dampened hopes of a major stimulus soon given to support the economy. Investors are betting that Democrat Joe Biden will become the next president but Republicans will retain control of the Senate, which will make it harder for Democrats to surpass their massive financial spending. has pushed. Mr. Biden maintains an advantage over President Donald Trump, but some key states are still counting votes and Trump is posing legal challenges to count the votes. So there is still a fairly high level of uncertainty. Today there are non-farm data, so you should be aware of the risks!

Latest updates

  • BoE has expanded its asset purchases by £150 billion ($195 billion), or about 7% of UK GDP, and they also expect the economy to shrink in the fourth quarter and face other difficulties early next year when the Brexit transition ends.
  • The EU Commission said it also expected the eurozone economy to decline 0.1% in the fourth quarter due to the pandemic. Earlier, German factories' order growth figures slowed stronger than expected in October, to 0.5%.

USD/JPY chart

forex news Nov 6

The price soon broke the resistance zone 104 as expected. I hope you got in on the sell orders. The situation is going smoothly, so you can move the stop loss orders to reduce your risk. The downside momentum is quite strong, so expect the price to retest soon 103. We should realize some profit around this price. In case it is broken, add sell orders. In case of high risks and strong buying of JPY, it is not excluded that the price retests the bottom of the year around 101.

EUR/USD chart

forex news Nov 6

The price has approached the upper boundary of the downtrend channel, the 1.180 - 1.185 zone, but the bearish signal hasn't appeared as expected, so we haven't activated sell orders yet. The point to note is that the buying force seems to be quite strong and this is the end of the downtrend, so sell only when there are really clear signals. The RR ratio of sell orders is quite good.

GBP/USD chart

forex news Nov 6

Prices bounced up sharply as expected, albeit quite soon. Area 1.32 is currently preparing to be re-tested. Buy orders should exit around this price range, or move your Stop Loss. Although the uptrend is quite strong, it is likely to correct around 1.320 - 1.325. You should avoid entering new orders and wait for the price action of this zone and decide.

USD/CAD chart

forex news Nov 6

Zone 1.30 was broken after yesterday's warning. The price also approached the 1.30 zone and is currently correcting. The amplitude of this area is quite narrow, so it is still not favorable for trading. We will focus on the 1.30 zone. In case it is clearly broken, you should consider short orders.

AUD/USD chart

forex news Nov 6

After breaking down the bearish structure, the price broke the newly formed range. The uptrend is quite good so we will buy it. The waiting zone for trigger signal might be around 0.720. The target is 0.734.